CIT Bank® Savings Account Review
By: Conor Keenan Last updated September 14, 2025
Conor Keenan, co-founder of CompareAccounts, is a notable personal finance expert with work seen in Wall Street Journal, CNN, Fox News, MSN & Yahoo Finance.
Editorial Independence: Our opinions, reviews, and recommendations are our own and not influenced by financial institutions or partners. Partner commissions keep our site free, but our content remains independent and is not commissioned by any partner or financial institution.
Read our review & open a new CIT Bank savings account easily and quickly, typically in 5 minutes or less.
Open your account with confidence knowing your deposits are FDIC insured up to $250,000 per depositor and backed by the full faith and credit of the United States Government.
CIT Bank® Savings Connect Account Review
APY
3.90%
- High Yield Savings Account
- Min. initial deposit: $100
- 3.90% APY
- No Monthly Service Fees
- No Minimum Monthly Balances
- Mobile App Online Banking
- Deposit Checks Remotely & Make Transfers Easily
- FDIC Insured up to $250,000
- Sign Up in Under 5 Minutes
- Terms Applyⓘ
- See Site for Details
Savings Connect Account Disclosure
APY — Annual Percentage Yield is accurate as of June 12, 2025. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://cit-fcb-t.cit.com/cit-
bank/resources/forms
On CIT Bank's Secure Site, Member FDIC
Main Benefits You Get with CIT Bank
Proven Track Record:
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.
They focus on providing excellent customer service, an incredible banking experience all while offering some of the most competitive interest rates on the market to their customers.
Competitive APY:
One of the standout features of this account is the high interest rate offered by CIT Bank.
CIT Bank offers 3.90% APY.
The rate is significantly higher than many other savings accounts, allowing customers to grow their savings faster. This is a great option for customers who are looking to save for a specific goal, such as a down payment on a house or a new car, or for those who simply want to grow their savings for the future.
This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks. The current APY is over 10x higher than the national average.
No monthly maintenance fee:
Fees. Everyone’s worst nightmare when it comes to financial services. You should avoid them like the plague.
Thankfully, in addition to competitive APYs, CIT Bank has no monthly fees associated with their savings accounts. Unlike many of the big banks who charge several fees for their savings accounts.
Ranked #1 in Customer service:
What sets CIT Bank and their savings accounts a part from the rest is their customer service and excellent mobile banking experience.
The bank has a team of knowledgeable and friendly representatives who are available to assist with any questions or concerns customers may have. They are able to resolve issues quickly and efficiently, ensuring a positive experience for all customers.
CIT Bank was recently ranked #1 in Customer Service by American Banker.
Low minimum balance requirement:
You can open a savings account with CIT Bank for as little as $100. Once you open your new savings account, there are no monthly minimum balance thresholds to meet. Unlike most banks which will charge you a fee if your monthly balance falls below a certain point.
FDIC insured:
CIT Bank is federally insured by the Federal Deposit Insurance Corporation. This covers you for as much as $250,000 per depositor, per institution.This provides peace of mind for customers, knowing that their savings are protected in the unlikely event of a bank failure. Think of it as an insurance policy that you don’t have to pay for.
Liquidity:
High yield savings accounts are generally very liquid, which means that you can access your money easily and without penalty. This can be useful if you need to make a purchase or withdraw money in a pinch.
Focus on Technology:
CIT Bank’s mobile apps give you 24/7 access to your savings account and customer service is only a few taps away if you need them. The ease of their mobile app online banking lets you deposit checks remotely & make transfers easily.
The app is available for both iOS and Android devices and can be downloaded from the App Store or Google Play. It has similar features as the online banking platform, making it easy for customers to manage their money no matter where they are.
It’s also compatible with Apple Pay® and Samsung Pay™ so you can make quick & secure payments online or in-person at your favorite stores.
Overall:
CIT Bank’s high-yield savings account is a fantastic option for individuals looking to grow their savings. The competitive interest rate, user-friendly online banking platform, and excellent customer service make it a great choice for anyone looking to reach their financial goals. Whether you are saving for a specific goal or simply looking to grow your savings for the future, CIT Bank’s high-yield savings account is worth considering.
Open Your New Account with CIT Bank Now
CIT Bank® Savings Connect Account: 3.90% APY as of September 14, 2025
Other CIT Bank Savings Accounts to Consider:
CIT Bank® Platinum Savings Account Review
APY
4.00%
- High Yield Savings Account
- Balance for APY: $5,000
- 4.00% APY
- No Monthly Service Fees
- Earn a Higher APY with a Higher Min. Balance
- Mobile App Online Banking
- Deposit Checks Remotely & Make Transfers Easily
- FDIC Insured up to $250,000
- Sign Up in Under 5 Minutes
- Terms Applyⓘ
- See Site for Details
Platinum Savings Account Disclosure
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of June 12, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 4.00% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Platinum Savings Account Disclosure
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of June 12, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 4.00% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://cit-fcb-t.cit.com/cit-
bank/resources/forms
On CIT Bank's Secure Site, Member FDIC
CIT Bank® 11 – Month No Penalty CD Account Review
APY
3.50%
11 Month Term
- High Yield No Penalty CD
- Term: 11 Months
- 3.50% APY
- Min. initial deposit: $1,000
- No Maintenance Fees
- No Penalty to Access Funds if Needed Before Maturity
- Daily Compounding Interest to Maximize Your Earning Potential
- FDIC Insured up to $250,000
- Sign up in under 5 Minutes
- Terms Applyⓘ
- See Site for Details
11 Month No Penalty CD Disclosure
APY — Annual Percentage Yield is accurate as of March 20, 2025. $1,000 minimum to open the account. With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://cit-fcb-t.cit.com/cit-
bank/resources/forms
On CIT Bank's Secure Site, Member FDIC
CIT Bank® 13 – Month Certificate of Deposit Account Review
APY
3.50%
13 Month Term
- High Yield CD
- Term: 13 Months
- 3.50% APY
- APY as of September 14, 2025
- Min. initial deposit: $1,000
- No Maintenance Fees
- Interest Compounded Daily
- FDIC Insured up to $250,000
- Sign up in under 5 Minutes
- Terms Applyⓘ
- See Site for Details
13- Month CD Disclosure
APY — Annual Percentage Yield is accurate as of March 20, 2025. $1,000 minimum deposit is required to open the account. A penalty may be imposed for early withdrawal of principal, and any early withdrawal (principal or interest) will reduce earnings. Upon maturity, the 13-Month CD will be automatically renewed as a 1-Year Term CD at the then-published APY.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://cit-fcb-t.cit.com/cit-
bank/resources/forms
On CIT Bank's Secure Site, Member FDIC
To recap our recommendations.
Best CIT Bank Products According To CompareAccounts™
CIT Bank® Savings Connect Account: 3.90% APY as of September 14, 2025
CIT Bank® Platinum Savings Account: 4.00% APY as of September 14, 2025
CIT Bank® No Penalty Certificate of Deposit Account: 3.50% APY - 11 Month Term
CIT Bank® Certificate of Deposit Account: 3.50% APY - 13 Month Term
Customers Also Viewed These High Yield Savings Accounts:
APY
3.50%
Annual Percentage Yield (APY)
- High Yield Savings Account
- Min. to Earn APY: $0
- Min. to Open: $0
- 3.50% APY
- APY as of September 14, 2025
- Interest Compounded Daily
- $0 Monthly Fees
- 24/7 Customer Service
- FDIC Insured up to $250,000
- Backed by the Service & Reliability of American Express
- Terms Apply
- See Site for Details
On American Express National Bank's Secure Site, Member FDIC
To recap our recommendations.
Best Savings Accounts According To CompareAccounts™
CIT Bank® Savings Connect Account: 3.90% APY as of September 14, 2025
American Express® High Yield Savings Account: 3.50% APY as of September 14, 2025
Annual Percentage Yield (APY)
3.90% APY
On CIT Bank®'s Secure Site,
Member FDIC
Best For: High APY Interest Rates + Mobile App
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.
CIT Bank offers 3.90% APY on their Savings Connect account with no monthly fees.
CIT Bank’s mobile app give you 24/7 access to your savings account. It also lets you deposit checks remotely & make transfers easily. The mobile app is available for both IOS & Andriod devices.
You can open a CIT Bank savings connect account with as little as $100 and it only takes about 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily. Terms Applyⓘ
See CIT Bank's Secure Site For More Details.
Savings Connect Account Disclosure
APY — Annual Percentage Yield is accurate as of June 12, 2025. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://cit-fcb-t.cit.com/cit-
bank/resources/forms
Annual Percentage Yield (APY)
4.00% APY
On CIT Bank®'s Secure Site,
Member FDIC
Best For: Customer Experience + High APY Interest Rates
CIT Bank ranked #1 in the nation for humanizing the customer experience in a recent survey conducted by American Banker of more than 5,000 consumers covering 50 financial institutions.
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.
CIT Bank offers 4.00% APY, as of September 14, 2025, on their Platinum Savings account with no monthly fees. Minimum Balance for this APY is $5,000.
You can open a CIT Bank platinum savings account in as little as 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily. Terms Applyⓘ
See CIT Bank's Secure Site For More Details.
Platinum Savings Account Disclosure
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of June 12, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 4.00% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://cit-fcb-t.cit.com/cit-
bank/resources/forms
Annual Percentage Yield (APY)
3.50% APY
APY as of September 14, 2025
On CIT Bank's Secure Site,
Member FDIC
Best For: No Penalty Fees
Term: 11 Months
APY: 3.50%
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.
CIT Bank offers 3.50% APY on their 11 Month No Penalty CD with no monthly fees.
There is no penalty to access funds if needed before maturity.
You can open a CIT Bank 11 Month No Penalty CD with as little as $1,000 and it only takes about 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily to maximize your earning potential. Terms Applyⓘ
See CIT Bank's Secure Site For More Details.
11 Month No Penalty CD Disclosure
APY — Annual Percentage Yield is accurate as of March 20, 2025. $1,000 minimum to open the account. With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://cit-fcb-t.cit.com/cit-
bank/resources/forms
Annual Percentage Yield (APY)
3.50% APY
APY as of September 14, 2025
On CIT Bank's Secure Site,
Member FDIC
Best For: High APY Interest Rates + Mobile App
Term: 13 Months
APY: 3.50%
CIT Bank offers 3.50% APY, as of September 14, 2025, on their 13 Month CD with no monthly fees.
CIT Bank’s mobile app give you 24/7 access to your CD account. The mobile app is available for both IOS & Android devices.
You can open a CIT Bank 13 Month CD with as little as $1,000 and it only takes about 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily to maximize your earning potential. Terms Applyⓘ
See CIT Bank's Secure Site For More Details.
13- Month CD Disclosure
APY — Annual Percentage Yield is accurate as of March 20, 2025. $1,000 minimum deposit is required to open the account. A penalty may be imposed for early withdrawal of principal, and any early withdrawal (principal or interest) will reduce earnings. Upon maturity, the 13-Month CD will be automatically renewed as a 1-Year Term CD at the then-published APY.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://cit-fcb-t.cit.com/cit-
bank/resources/forms
CIT Bank Contact Information:
Phone Number:
855-462-2652 (within U.S.)
626-535-8964 (outside U.S. – toll call)
Hours:
Monday through Friday: 9:00 a.m. — 9:00 p.m. (ET) Saturday: 10:00 a.m. — 6:00 p.m. (ET) Sunday: Closed
CIT Bank FAQ
Is CIT Bank a trusted bank?
CIT Bank is generally considered a reputable and trusted bank. CIT Bank is a division of First-Citizens Bank & Trust Company, First-Citizens has a proven 100+ year track record and is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category.
The bank offers a range of banking products and services, including savings accounts, certificates of deposit (CDs), money market accounts, and home loans.
Are Citibank and CIT Bank the same?
No. CIT Bank is a division of First-Citizens Bank & Trust Company, a member of the Federal Deposit Insurance Corporation (FDIC) with a 100+ year history of providing quality customer service.
What’s the Process for Opening an Account With CIT Bank?
Generally, the process to open a savings accounts with CIT Bank is as follows.
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Research and choose the account type: review the various account options we highlight above, such as savings accounts & CDs. Compare the features, interest rates, fees, and terms to determine the account that best fits your needs.
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Gather necessary information and documentation: To open an account, you will typically need to provide personal information such as your name, date of birth, Social Security number (or taxpayer identification number), contact details, and employment information.
Prepare these details in advance to expedite the application process. You may also need to provide scanned copies or photos of identification documents, such as a driver’s license or passport.
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Start the application process: Click an “open account” button or “see site for more details” link above to initiate the account opening process. Online account applications are typically available, and some accounts may even be opened entirely online.
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Complete the application: Fill out the required fields accurately and thoroughly. Double-check the information to ensure its accuracy before submitting the application.
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Fund your account: Once your application is approved, you will need to deposit funds into your new CIT Bank account. This can usually be done by initiating an electronic transfer from another bank account or mailing a check to the bank. Specific instructions for funding will be provided by CIT Bank during the application process.
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*National Savings Rate Average as published by FDIC